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Significance of Tourism as a Trade

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Bharathi Pradeep
Bharathi Pradeep
Editor at Bharathi covers topics on Competitive exams, How To guides, Current exams, Current Affairs, Study Materials, etc. Follow her on social media using the links below.

In our daily lives, we use a variety of goods and services. Goods and services do not automatically migrate from supply-to-demand locations. Transportation is required to convey these products and services from their supply sites to demand areas. Traders play a role in arranging these transactions. As a result, a country’s rate of growth is determined by the creation of commodities and services as well as their movement across space. As a result, efficient modes of transportation are required for rapid development.

India’s Trade

Traders have always sought new markets and have been natural globalizers. Spices from India were so valuable in Europe that Christopher Columbus was paid to find a shorter sea route to India. The East India Company was also established for the purpose of trading.

Trade is the exchange of goods between individuals, states, and countries. The market is where such transactions take place. International trade refers to trading between two countries. It could take place on the water, in the air, or on land. Local trade occurs between cities, towns, and villages, whereas state-level trade occurs between two or more states. The advancement of a country’s foreign trade is a barometer of its economic progress. As a result, it is regarded as a country’s economic barometer.

India has trade links with all of the main trading blocs as well as all of the world’s geographical areas. Gems and jewellery, chemicals and associated products, agriculture and allied products, and other items are among the items exported from India to other countries.

Tourism as a Trade

Over the previous three decades, India’s tourism industry has risen significantly. 15 million people are directly employed in the tourist business. Tourism also contributes to national integration by supporting local handicrafts and cultural endeavours. It also contributes to the growth of international awareness of our culture and heritage. Heritage tourism, ecotourism, adventure tourism, cultural tourism, medical tourism, and business tourism are all popular among foreign visitors to India.

In all sections of the country, there is a huge potential for tourism development. For this emerging industry, efforts are being undertaken to promote various sorts of tourism.

Tourism Industry of India

Despite the fact that the pandemic has impacted practically every area of the Indian economy, the travel, tourism, and hospitality industries have been the hardest hit. According to the World Travel and Tourism Council, India’s tourism and hospitality sector will lose roughly 42 million jobs. Given the importance of the tourist industry in the Indian economy, it is necessary to address the underlying issues and develop an appropriate policy for overall growth.

Importance of the Tourism Sector

  1. Travel, tourism, and hospitality may generate a lot of jobs, which is vital for India’s demographic dividend because 72 percent of the population is under the age of 32, with an average age of 29.
  2. A bonus feature of the travel and tourism industry is that it not only creates high-quality jobs, but it also boosts investment in India, accelerates development, and promotes India’s unique resources, making it a soft diplomacy instrument.
  3. From 38 UNESCO World Heritage Sites to various physiographic features to medical and wildlife tourism, India provides incredible diversity in tourism.

Ways to enhance trade through tourism

  1. A post-pandemic approach for the sector may be a campaign focusing on domestic tourism and showcasing what the country has to offer Indians.
  2. Government funds or NGO/Corporate Social Responsibility (CSR) initiatives should be used to undertake and complete the conservation and development of all heritage assets.
  3. Local communities must be linked to tourism by encouraging them to start small businesses that supply the sector (accommodation, food, and material).
  4. In the future, technology has the ability to significantly reduce the number of physical touchpoints in hotels, which is crucial for safe and sanitary tourism.
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Bharathi Pradeep
Bharathi Pradeep
Editor at Bharathi covers topics on Competitive exams, How To guides, Current exams, Current Affairs, Study Materials, etc. Follow her on social media using the links below.

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